WB21 Raises 2M € in Seed Capital to Reinvent Online Bankingby Fintechnews Switzerland October 30, 2015
Swiss fintech startup WB21 GmbH has raised 2M € in seed capital for its online banking service set to be fully operational later this year.
Founded in August 2014 and with offices in both Palo Alto and Zurich, WB21 seeks to redefine banking by enabling individuals and companies to open a banking account remotely in less than five minutes, while providing users with more efficient banking services by leveraging technology.
WB21 offers a global cross border payment service that is ten times cheaper then with traditional banking, the company claims. The company uses a proprietary technology IRTP© that allows global payments to third party bank accounts in just seconds. Users can track their transfers in real time by a settlement confirmation they receive either by email, text message or a pop up message.
Opening an account is free for both individuals and businesses. Up to 4 accounts are possible for a private customer and 8 accounts for business customer.
WB21 charges a tiny 0.50-1% commission fee on international wire transfers and a “small fee on currency conversion” but as long as the customer is transacting within his or her account currencies, no currency exchange fees are applied.
“WB21 is for the banking system what the invention of email was to the postal service,” the company claims. “Reducing costs to a fraction, providing instant delivery and making transfers traceable, worldwide.”
The company is targeting the cross border payments market, which is worth some 21.9 trillion USD, and most particularly “high volume low value” payments that weight 18 trillion USD.
Currently, WB21 will be available to customers in 180 different countries and will support 18 currencies.
On October 2, WB21 received its self-regulatory organizations (SRO) membership from Switzerland’s Financial Market Supervisory Authority (FINMA).